Common use of Valuation of Ship Clause in Contracts

Valuation of Ship. The Market Value of a Ship (or any other Fleet Vessel) at any date (a "Valuation") is that shown by the arithmetic mean of two valuations, each valuation to be prepared: (a) as at a date not more than 21 days previously; (b) by an Approved Broker selected by the Borrower; (c) with or without physical inspection of the relevant Ship (as the Lender may require); and (d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;

Valuation of Ship. The Market Value market value of a Mortgaged Ship (or any other a Fleet Vessel) Vessel at any date (a "Valuation") is that shown by valuation of that Ship or, as the arithmetic mean of two valuationscase may be, each valuation to be Fleet Vessel prepared: (a) as at a date not more than 21 15 days previously; (b) by an Approved Broker selected independent ship sale and purchase broker appointed by the BorrowerAgent; (c) with or without physical inspection of the relevant that Ship (as the Lender Agent may require); and) or, as the case may be, Fleet Vessel; (d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.

Valuation of Ship. The Market Value market value of a Ship (or any other Fleet Vessel) at any date (a "Valuation") is that shown by the arithmetic mean of two valuations, each valuation to be preparedby: (a) the arithmetic average of 2 valuations each prepared by an Approved Broker selected by the Agent acting upon the instructions of all the Lenders; (b) as at a date not more than 21 30 days previously; (b) prior to the date such valuation is delivered to the Agent by an such Approved Broker selected by the BorrowerBroker; (c) with or without physical inspection of the relevant that Ship (as the Lender Agent may require); and; (d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.